DOT price tests $1 support as Polkadot launches dotUSD stablecoin

DOT price has fallen toward $1 as Polkadot launches its native dotUSD stablecoin, with daily support under pressure and a rounded top forming on the 4-hour chart. DOT price traded near $1.03, with Binance’s daily chart showing a decline of roughly 7.6%. Daily Fibonacci support sits at $1.017, followed by $0.949 if selling continues. The 4-hour chart shows a rounded top above a horizontal floor near $0.936. dotUSD starts with USDT backing, while DOT-backed borrowing remains part of a later rollout. TradingView’s Binance DOT/USDT daily chart showed Polkadot trading at $1.032 on Oct.

Also reported by CryptoNewsLand.

Source: crypto.news